Simplify Asset Management Inc. Increases Holdings in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)

Simplify Asset Management Inc. lifted its position in BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) by 67.5% in the third quarter, Holdings Channel reports. The firm owned 8,489 shares of the biotechnology company’s stock after buying an additional 3,422 shares during the period. Simplify Asset Management Inc.’s holdings in BioMarin Pharmaceutical were worth $597,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of BMRN. Innealta Capital LLC bought a new position in BioMarin Pharmaceutical in the second quarter worth approximately $25,000. BOKF NA bought a new position in BioMarin Pharmaceutical in the second quarter worth approximately $31,000. Quent Capital LLC increased its position in shares of BioMarin Pharmaceutical by 58.9% during the second quarter. Quent Capital LLC now owns 391 shares of the biotechnology company’s stock worth $32,000 after purchasing an additional 145 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of BioMarin Pharmaceutical during the third quarter worth $28,000. Finally, Itau Unibanco Holding S.A. acquired a new position in shares of BioMarin Pharmaceutical during the second quarter worth $47,000. Hedge funds and other institutional investors own 98.71% of the company’s stock.

BioMarin Pharmaceutical Trading Down 2.1 %

Shares of BioMarin Pharmaceutical stock traded down $1.39 during trading hours on Friday, hitting $64.21. The company’s stock had a trading volume of 206,322 shares, compared to its average volume of 1,823,819. BioMarin Pharmaceutical Inc. has a 1-year low of $63.93 and a 1-year high of $99.56. The business has a fifty day moving average of $70.85 and a 200 day moving average of $79.28. The company has a market capitalization of $12.24 billion, a PE ratio of 38.85, a P/E/G ratio of 0.66 and a beta of 0.31. The company has a quick ratio of 2.62, a current ratio of 4.27 and a debt-to-equity ratio of 0.11.

BioMarin Pharmaceutical (NASDAQ:BMRN) last announced its earnings results on Tuesday, October 29th. The biotechnology company reported $0.55 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.23). BioMarin Pharmaceutical had a net margin of 11.71% and a return on equity of 8.53%. The firm had revenue of $746.00 million during the quarter, compared to analysts’ expectations of $703.37 million. During the same quarter last year, the company posted $0.26 earnings per share. BioMarin Pharmaceutical’s revenue for the quarter was up 28.4% compared to the same quarter last year. As a group, equities analysts forecast that BioMarin Pharmaceutical Inc. will post 2.47 EPS for the current year.

Insider Buying and Selling at BioMarin Pharmaceutical

In other BioMarin Pharmaceutical news, EVP Charles Greg Guyer sold 5,278 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $66.37, for a total transaction of $350,300.86. Following the sale, the executive vice president now directly owns 68,909 shares of the company’s stock, valued at approximately $4,573,490.33. This represents a 7.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.85% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on BMRN shares. Wedbush raised BioMarin Pharmaceutical to a “strong-buy” rating in a research report on Monday, November 4th. Scotiabank reduced their price target on BioMarin Pharmaceutical from $95.00 to $78.00 and set a “sector perform” rating on the stock in a research report on Tuesday, September 17th. Truist Financial reduced their price target on BioMarin Pharmaceutical from $118.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. TD Cowen cut their target price on BioMarin Pharmaceutical from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Tuesday, August 6th. Finally, Bank of America cut their target price on BioMarin Pharmaceutical from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Tuesday, September 17th. Seven equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $94.20.

BioMarin Pharmaceutical Profile

BioMarin Pharmaceutical Inc develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease.